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CITY OF ELK RIVER
<br />ESTIMATED TAX IMPACT
<br />Residential (Homestead): With Valuation Change Impact
<br />Estimated City Tax
<br />Estimated Market Value Tax Capacity Tax Capacity Rate
<br />Property Value Value Exclusion Value 39.700% 38.933% Dollar Percent
<br />2023 2024 Change 2023 2024 2023 2024 2023 2024 change change
<br />$281,500 $298,800 6.1% $11,905 $10,348 $2,696 $2,885 $1,070 $1,123 $53 5.0%
<br />$345,500 $360,200 4.3% $6,145 $4,822 $3,394 $3,554 $1,347 $1,384 $37 2.7%
<br />$490,700 $565,800 15.3% $0 $0 $4,907 $5,658 $1,948 $2,203 $255 13.1%
<br />$243,800 $260,900 7.0% $15,298 $13,759 $2,285 $2,471 $907 $962 $55 6.1 %
<br />$546,800 $602,800 10.2% $0 $0 $5,468 $6,028 $2,171 $2,347 $176 8.1%
<br />$448,400 $459,900 2.6% $0 $0 $4,484 $4,599 $1,780 $1,791 $11 0.6%
<br />$340,000 $364,900 7.3% $6,640 $4,399 $3,334 $3,605 $1,323 $1,404 $81 6.1 %
<br />$340,000 $340,000 0.0% $6,640 $6,640 $3,334 $3,334 $1,323 $1,298 ($25) -1.9%
<br />" Median Value Home
<br />* As property value increases, the market value exclusion is phased out at $413,800 & over.
<br />Per county assessor, residential market values increased overall approx. 12%.
<br />Commercial/lndustrial:
<br />Estimated City Tax
<br />Estimated Tax Capacity Tax Capacity Rate
<br />Property Value Value Value 39.700% 38.933% Dollar Percent
<br />2023 2024 Change 2023 2024 2023 2024 change change
<br />$1,905,600 $2,130,900 11.8% $37,362 $41,868 $14,833 $16,300 $1,467 9.9%
<br />$3,158,300 $3,532,200 11.8% $62,416 $69,894 $24,779 $27,212 $2,433 9.8%
<br />$4,699,400 $5,084,100 8.2% $93,238 $100,932 $37,015 $39,296 $2,281 6.2%
<br />$1,416,300 $1,570,600 10.9% $27,576 $30,662 $10,948 $11,938 $990 9.0%
<br />$2,500,000 $2,500,000 0.0% $49,250 $49,250 $19,552 $19,175 ($377) -1.9%
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